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作者：Bethune, Zachary; Rocheteau, Guillaume; Wong, Tsz-Nga; Zhang, Cathy
作者单位：University of Virginia; University of California System; University of California Irvine; Universite Paris-Pantheon-Assas; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Purdue University System; Purdue University
摘要：We construct and calibrate a monetary model of corporate finance with endogenous formation of lending relationships. The equilibrium features money demands by firms that depend on their access to credit and a pecking order of financing means. We describe the mechanism through which monetary policy affects the creation of relationships and firms' incentives to use internal or external finance. We study optimal monetary policy following an unanticipated destruction of relationships under differe...
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作者：Sugaya, Takuo
作者单位：Stanford University
摘要：We show that the folk theorem holds generically for the repeated two-player game with private monitoring if the support of each player's signal distribution is sufficiently large. Neither cheap talk communication nor public randomization is necessary.
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作者：Battaglini, Marco; Patacchini, Eleonora; Rainone, Edoardo
作者单位：Cornell University; European Central Bank; Bank of Italy
摘要：We present a model of endogenous network formation to recover unobserved social networks using only observable outcomes. We propose a novel equilibrium concept that allows for a sharp characterization of equilibrium behaviour and that yields a unique prediction under testable conditions. While the equilibrium is characterized by a large number of non-linear equations, we show that it can be efficiently employed to recover the networks by an appropriately designed approximate Bayesian computati...
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作者：Koszegi, Botond; Loewenstein, George; Murooka, Takeshi
作者单位：Central European University; Carnegie Mellon University; University of Osaka
摘要：We develop a model of fragile self-esteem-self-esteem that is vulnerable to objectively unjustified swings-and study its implications for choices that depend on, or are aimed at enhancing or protecting, one's self-view. In our framework, a person's self-esteem is determined by sampling his memories of ego-relevant outcomes in a fashion that in turn depends on how he feels about himself, potentially creating multiple fragile self-esteem personal equilibria. Self-esteem is especially likely to b...
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作者：Spencer, Adam Hal
作者单位：University of Nottingham
摘要：This article develops a quantitative open economy framework with dynamics, firm heterogeneity and financial frictions to study the impact of corporate tax reforms targeted at multinationals. The model quantifies their impact on firm selection, production and welfare. Firms draw idiosyncratic shocks, invest in capital, choose optimal financing and select endogenously into selling abroad, through exporting or FDI. I apply this framework to the removal of the U.S. repatriation tax as in the Tax C...
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作者：Bahaj, Saleem; Reis, Ricardo
作者单位：University of London; University College London; Bank of England; University of London; London School Economics & Political Science
摘要：Theory predicts that central-bank lending programs put ceilings on private domestic lending rates, reduce ex post financing risk, and encourage ex ante investment. This article shows that with global banks and integrated financial markets, but domestic central banks, then lending of last resort can be achieved using swap lines. Through them, a source central bank provides source-currency credit to recipient-country banks using the recipient central bank as the monitor and as the bearer of the ...
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作者：Queiro, Francisco
作者单位：Universidade Nova de Lisboa
摘要：This article shows that entrepreneurial human capital is a key driver of firm dynamics using administrative panel data on the universe of firms and workers in Portugal. Firms started by more educated entrepreneurs are larger at entry and exhibit higher life cycle growth. Consistent with an effect on growth, the thickness of the right tail of the size distribution increases with entrepreneur schooling. The evidence points to several underlying mechanisms, with technology adoption playing the mo...
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作者：Horner, Johannes; Klein, Nicolas; Rady, Sven
作者单位：Yale University; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK; Universite de Montreal; Universite de Montreal; University of Bonn
摘要：This article considers a class of experimentation games with Levy bandits encompassing those of Bolton and Harris (1999, Econometrica, 67, 349-374) and Keller, Rady, and Cripps (2005, Econometrica, 73, 39-68). Its main result is that efficient (perfect Bayesian) equilibria exist whenever players' payoffs have a diffusion component. Hence, the trade-offs emphasized in the literature do not rely on the intrinsic nature of bandit models but on the commonly adopted solution concept (Markov perfect...
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作者：Benabou, Roland; Ticchi, Davide; Vindigni, Andrea
作者单位：Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); IZA Institute Labor Economics; Marche Polytechnic University; University of Genoa
摘要：We study the co-evolution of religion, science, and politics. We first uncover, in international and U.S. data, a robust negative relationship between religiosity and patents per capita. The model then combines: (1) scientific discoveries that raise productivity but sometimes erode religious beliefs; (2) a government that allows innovations to diffuse, or blocks them; (3) religious institutions that can invest in doctrinal reform. Three long-term outcomes emerge. The Western-European Seculariz...
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作者：Adamopoulos, Tasso; Restuccia, Diego
作者单位：York University - Canada; University of Toronto; National Bureau of Economic Research
摘要：We quantify the role of geography and land quality for agricultural productivity differences across countries using high-resolution micro-geography data and a spatial accounting framework. The rich spatial data provide for each cell of land covering the entire globe, the potential yield for 18 crops, which measures the maximum attainable crop output given soil quality, climate conditions, terrain topography, and a given level of cultivation inputs. While there is considerable heterogeneity in ...
